Enquest makes Kraken deal

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UK-focused oil firm Enquest yesterday announced a deal to buy a 20 per cent stake in the Kraken oil discovery in the North Sea. The deal, which lifted Enquest’s share price 2.7 per cent, also boosts Enquest’s new partner in the field, smaller explorer Nautical Petroleum. “Enquest moving in strengthens the partnership there and endorses the commerciality of the project moving forward,” Canaccord analyst Lindsay Wheeler said. Enquest bought the stake in the Kraken asset from Canamens. Analysts at Peel Hunt called the deal “a clear positive” for Nautical.